Back in October, I managed to capitalized on the initial range breakout. Another momentum play has been observed based on the price action detailed below.
- Price forms a lower high, which also indicates that we're likely seeing a price ceiling.
- Momentum picks up towards the downside on the neckline break.
- The range era has come to an end as price breaches below the lower boundary and successfully holds below it.
- Very surprising v-shaped recovery, but new range has formed.
- This is a very interesting break below the lower range boundary. Not only does price holds below this boundary, it also signifies that the v-shaped recovery is rather shortlived.